Question # 1

Which account will be created in the presence of suspense account, if sales book is undercast by Rs. 500

Choose an answer

suspense A/c

sales A/c

cash A/c

none of above

The debts, which are irrecoverable from the debtors, are called

Choose an answer

Debts

Doubtful debts

Bad debts

Good debts

Interest on renewal of a bill is the expense of

Choose an answer

Drawer

Drawee

Holder

Endorsee

The time after which the bill is to be paid

Choose an answer

Grace Days

Tenor

Due Date

Extra Days

Bad debts recovered from debtors should be credited to

Choose an answer

Debtors a/c

Bad debts a/c

Bad debts recovered a/c

Cash a/c

Events which are related with money are called:

Choose an answer

Monetary events

Non - monetary events

None-social events

Political events

In case of a debt becoming bad, the amount should be credited to

Choose an answer

Debtor's a/c

Bad Debts a/c

Sales a/c

cash a/c

Payment of Rs. 50 to Raheel as wages for repairing machine should be debited to

Choose an answer

Machinery a/c

Repair a/c

Wages a/c

Raheel a/c

Bookkeeping provides the

Choose an answer

primary information

secondary information

final information

insufficient information

A ______ is a large columnar sheet of paper

Choose an answer

Worksheet

Balance sheet

Journal

None of these

Error of principle arises when

Choose an answer

Any transaction is incorrectly recorded, either wholly or partially

Any transaction is left wholly or partially

Any transaction is affects one account

Any transaction is recorded in fundamentally incorrect manner

Heavy expenditure on advertisement for making a new product is a

Choose an answer

Revenue expenditure

Deferred expenditure

Capital loss

Non-recurring expenditure

A table lost by fire should be debited to

Choose an answer

Table a/c

Furniture a/c

Loss by Fire a/c

Purchases a/c

Assets having some market value

Choose an answer

Fictitious Assets

Real Assets

Unreal Assets

None of these

A document is sent to customer when he returns the goods is called

Choose an answer

Promissory note

Debit note

Currency note

Credit note

A bill from the point of view of a creditor is called a:

Choose an answer

Bill payable

Bill receivable

Bil acceptable

Bill rejectable

More Classes

Other Links

Principles of accounting Icom Part 1 English Medium Online Test MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer